Why do banks charge extensive amounts for charges, does it really cost £30 pound to send just a letter out??

Question

I understand that this is a way in which they will make there capital, but it is so unfair on the customer. Day light robbery !!! To be realistic, what could this amount cover? maybe the lunch and a coffee for the banker writing the letter and a1st class stamp. Oh silly me they use computers to send them out.... ummm!!

Answer 1

2 points for me

Answer 2

Right firstly, the £12 fee is not actually law at the moment so they can charge u £30 without breaking the law. You have to think about it logically. I agree that £30 is too much to be charged, however if this charge is a result of a direct debit or standing order being paid, then if the bank had of returned the payment, you would have been charged by the company taking the money. You would not expect to borrow money in the form of a loan or over draft for free so why should they allow you to use an unauthorised over draft for free??Dont spend the money if u dont have it, simple as

Answer 3

I notice you used the pound sign.
Assuming you live in the UK, your posting doesn't surprise me at all.
You live in a country that is hopelessly expensive; I can't imagine how people get by there. An article in The Times last week spoke of high personal debt levels soaring even higher.

When visiting the UK earlier this month, I paid 70 pounds per person per night for hotel accommodation (in a small sleepy country town). Where I live I'm used to paying 70 dollars (clue there) per room per night. And I get good service, something that Brits do not expect and therefore do not get.

Ultimately, it's a cultural thing.

I believe that Britain will be a third class country before too much longer. Wake up now, before it's too late.

Answer 4

I, like many thousand others, have had problems with extortionate bank charges. All you need to do is go into your bank, ask for the Manager. Just quote the "Consumer Contracts Regulations 1999". This bill was set up by the Government to regulate the discusting profits the banks are making these days. You can go back upto 6 years. Tell them you want some money back into your account or, you will take it further.

Answer 5

I even have 2 money owed with BofA so if I lose my card no you could actually wipe out my account yet particularly this has given BofA the right to wipe it out particularly. I spend money and immediatly pass money (i substitute into certain when I grew to become a BofA shopper that which would be nice) considering then I even have spend 1000's and 1000's of greenbacks in overdraft costs. They can charge optimal quantity to lowest then in addition they can charge for pending transactions even once you have the money contained in the mark downs and pass it in till now it posts. Even worse they wait to place up stuff now (a clean coverage i found out) it extremely is humorous by using fact the reason I went with BofA substitute into the categorised advertisements saying everthing exhibits on line right now by using fact i do no longer shop a sign in. So now additionally they prepare a transaction for some hours after the intial purchase as pending then it disapears (they advised me they have 5 days to place up something and subsequently it extremely is faraway from the pending transaction record) and while you at the instant are not likely careful and think of it went threw it screws up your stability they wait till the oppurtune time to place as much as overdraw your account and yet back now you're paying costs for costs. Then they have each and every person of those different suggestion on a thank you to can charge costs like they wait 3 4 days to place up the expenditures on your account in hopes which you don't comprehend you would be charged the expenditures via then and it takes 3 days to tell you via mail yet via then you definately've already overdrafted your self thinking you had alot of money contained in the account. i'm switching to Chase at present as a effect as they only introduced they might no longer be practising this crap.

Answer 6

The UK banks justify their excessive charges as it offsets the free banking if you remain in credit. Other countries I have lived in do not charge such high fees if you go overdrawn but then they charge for you being in credit. The UK is one of the very few countries where banks do not charge you simply for having a bank acocunt with them.

Answer 7

My office charges $50 to $75 per letter.

Let's see ... we have to pay rent, electric, water, taxes, maintenance, insurance, etc in order to even have an office for a client to come to. And that copier, computer and postage meter aren't free either.

And we have to pay salary for someone to write the letter so they can pay their loans for the education that gave them the knowledge in order to handle your matter properly. And that person is paid well for their years of experience in handling such matters.

Why do you feel people should service you for free?

Answer 8

So first you want them to keep your money safe. I don't think bullitt proof glass, armoured trucks, steel safes et al. come cheap. You expect them to give you access to your cash on virtually every street corner. Then you agree how you will opporate your account. And all this for free. Then you start messing them arround and they need to chase down the details and write to you. I'm suprised its only £30. Okay they need to make a profit too.

Answer 9

It is awful.....Nat West bank charges are £38.....thats nearly £40 for one mistake...thankfully I never have but it has got a couple of my friends in real trouble....can't believe they have the nerve to charge £30 per letter...just write one back and charge them £30....you are legally entitled to do this !!!! xx

Answer 10

I,ve heard the banks are not allowed to charge you for going overdrawn and stuff.If you,ve still got all your bank statements and letters to prove they have charged you then you claim it back goin back so many years.Only problem is i don,t know how long or how you do it.

Answer 11

You should try asking someone who works at a bank.
I'm sure it doesn't really cost that to send something out but EVERYONE needs to make money off of someone.